“NEW YEAR, NEW ME!”…… Here we go again.

Maybe it’s finally time to mean what you say?

‘Cause what’s the point of saying it every year if you only followed ‘new year, new me’ for 1 week right?

According to a study on 200 New Year’s resolvers done by Norcross and Vangarelli, 77% of participants had maintained their resolutions one week into the new year; the number decreased to 55% after one month, 43% after three months, 40% after six months, and 19% at the two-year follow-up.

You would’ve heard most people saying that new year resolutions fail all the time, right?

But, what you don’t hear very often is that there are still roughly 19% of the people making real change in their lives and sticking to it.

I personally feel that 19% is not a low number and it actually makes new year resolution seem more feasible than before.

If you belong to those that wish to make a real change..

Or if you wish to ride on this ‘new year, new me’ trend to start something new..

Then I believe this post will help you aplenty.

Read on to find out some simplified tips that can potentially help to make your resolutions work.

Source: Tim Mossholder

1. Your goal has to be feasible and clearly defined

Instead of selecting ambiguous goals like “losing weight” or “be more productive”, focus on something more concrete that you can realistically set your sights on.

For example, you might commit to lose 1kg a month by making a daily to-do list of workouts and change of diets.

When your goals are clearly defined, it will also be easier to plan how to achieve it and stick to it.

It is also not wise to take on 100 goals at once and fail your new year resolutions entirely. 

While it may seem slow to start with small steps, these small incremental changes make it easier to stick to your new healthy habits and increase the likelihood of long-term success. 

2. Make a detailed plan so that you won’t get derailed when things get difficult

If you start working toward a goal without any type of plan in place, you may quickly find yourself giving up when faced with any sort of obstacle, setback, or resistance. 

For example, if your goal is to exercise three times per week, what will you do if you missed 1 week of it, and how will you proceed if you need to take time off for an illness or injury.

Source: Canva

3. Don’t plan your goals in a negative light 

If you plan your goals by saying “I want to stop doing this” or “I want to eliminate that”, you might end up being focused on the thing that you wish to stop instead.

You should think of it as starting a new positive habit instead, and you will feel better as you commit to it as well. 

For example, instead of “I want to stop eating junk food”, try “I want to better manage my calorie intake”.

4. Keep a Resolution Journal

Pen down your ups and downs in a journal while committing to your goals. 

Write down the reasons why you started in the first place so that you can refer to them during times when you feel uninspired and unmotivated. 

Think about what is causing you to derail from your goals and how to cope effectively.

Write down important information about when the relapse occurred, what might have triggered it, and what you might do differently next time.

5. Share it with as many people as you can

When you share your goals with more people, you might feel the subconscious drive to achieve your goals and be accountable to these people.

You can even try declaring it all on your social media and show it to more people.

What’s even better is if you can get people to join you in achieving the goals together. That way, you can check in on each other, support and motivate each other.

Source: Canva

6. Make it a habit

Experts say it takes about 21 days for a new activity to become a habit and 6 months for it to become part of your personality. 

If you are looking to cultivate a new habit of reading every night, you just need to persevere for a month to become a habit, and 6 months for it to become a part of you.

It won’t happen overnight, so be persistent and patient!

Source: Drew Beamer

New year resolutions on personal finance

If you’ve always wanted to make some changes in your personal finance but didn’t get to do it somehow, now’s the perfect time to take advantage of your new year resolutions and take that first step.

1. Tidy up your finances

What are the leaking areas of your money pool that can be plugged? 

Do you really need so many credit cards or multiple streaming accounts? Is there a cheaper alternative to your gym and phone subscriptions?

When was the last time you reviewed whether your insurance policies are still value for money? If it’s not, when do you plan to change them?

Have you been unable to follow your own budgeting rules? What can you do in 2022 to change them.

2. Start investing

And I don’t mean trading or speculating. 

Sure, you can start those anytime when you have some spare cash to do so and potentially get your profits in a short time frame.

But I’m referring to those that require you to invest for a longer period of time to beat inflation as well as reap the benefits of compounding effect to grow your retirement funds.

Depending on how old you are, the amount of time left for you to compound your returns before retiring will get lesser and lesser.

If you want to start planning for your retirement but unsure of where to begin, you can always join us in our weekly masterclass here to learn more.

Source: Canva

Also, if you require any assistance or input, feel free to contact us here or email us at contact@avocadotoastfinance.sg.


Disclaimer: This post is for your information only and does not constitute any form of financial advice, you may wish to seek advice from a financial consultant before making a commitment to purchase any product.